How Asbestos And Other Faulty Building Products Can Impact On Your Insurance

Posted on October 11, 2017

If you consider the Grenfell Tower block tragedy that took place in the United Kingdom earlier this year, it makes sense that in Australia there has been an increasing need for a regulatory approach to building quality.

Recently, the Insurance Council of Australia has notified a Senate enquiry that they would prefer an independent specification and plan review process, which would include inspections during the most important stages of a construction project.

These recommendations, if accepted, will probably result in a rise of construction and building costs, but are aimed at saving lives.

Local threat

While the Grenfell Tower block tragedy took place in London, there is reason for concern when it comes to irregular and unsanctioned building practices in Australia. For example, there are hundreds if not thousands of Australians at risk of house fires after the installation of faulty electrical cables. A recall order was issued for the cables, but so far, less than half have been recovered.

The presence of illegal and irregular building material in Australian homes and buildings doesn’t stop there either. There are various high-rises in the country that contain aluminium composite cladding, a material that is flammable and is one of the main suspected causes of the Grenfell fire.

Even worse, there have been cases of asbestos found in Chinese-made building materials, which can have a serious impact on the health of current and future tenants.

The end result

If the Council’s proposed inspection amendments are passed, home owners might expect to see insurance premiums rise if their houses or buildings they live in have not been inspected according to legal and approved methods. While it is true that a hike in home insurance can be troublesome, it is nothing compared to the loss of life that could have been prevented by an inspection.

If you want to have your home or building inspected by accredited professionals, or want to dispose of asbestos in a safe and ethical manner, don’t hesitate to contact us at your earliest convenience, and we’ll ensure that your disposal needs are met, quickly, legally, and efficiently.